تاثیر ابلاغ دستورالعمل حاکمیت شرکتی سازمان بورس و اوراق بهادار بر مدیریت سود مبتنی بر اقلام تعهدی و مدیریت واقعی سود (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
اجرای مناسب حاکمیت شرکتی در شرکت ها می تواند نقشی جالب توجه در مدیریت و راهبری آن ها، حفظ منافع سهامداران و پیشگیری از بروز رفتارهای فرصت طلبانه مدیران داشته باشد. با توجه به این موضوع و نوپا بودن دستورالعمل حاکمیت شرکتی در بازار سرمایه ایران، در این پژوهش، تأثیر ابلاغ دستورالعمل حاکمیت شرکتی سازمان بورس و اوراق بهادار بر مدیریت سود مبتنی بر اقلام تعهدی و مدیریت واقعی سود بررسی شده است. نمونه آماری پژوهش شامل 117شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال های 1394 تا 1401 است. نتایج پژوهش بر اساس تجزیه و تحلیل رگرسیون داده های ترکیبی بیانگر این است که ابلاغ دستورالعمل حاکمیت شرکتی بر مدیریت سود مبتنی بر دست کاری اقلام تعهدی تأثیری منفی و معنادار داشته است. همچنین، نتایج نشان داده است ابلاغ دستورالعمل حاکمیت شرکتی تأثیری منفی و معنادار بر مدیریت واقعی سود مبتنی بر دست کاری هزینه های تولید، مبتنی بر دست کاری هزینه های اختیاری و مبتنی بر دست کاری جریان های نقد عملیاتی داشته است؛ بنابراین، الزامات سازمان بورس و اوراق بهادار در رابطه با حاکمیت شرکتی در بازار سرمایه توانسته است به حفظ حقوق سرمایه گذاران و بهبود کیفیت گزارشگری مالی شرکت ها منجر شود.Corporate Governance Code and Earnings Management
The proper implementation of corporate governance in companies plays a significant role in their management and leadership, protecting the interests of shareholders and preventing opportunistic behavior by managers. Considering this issue and the new corporate governance code in the Iranian capital market, in this research, the impact of the new corporate governance code on accrual-based earnings management and real earnings management is investigated. The statistical sample of the research included 117 companies listed in Tehran Stock Exchange during the years 2014 to2021. The results of the research based on regression analysis of panel data indicated that the new corporate governance code had a negative and significant impact on earning management based on the manipulation of accruals. Also, the results have shown that the announcement of the corporate governance code had a negative and significant impact on real earning management based on the manipulation of production costs, discretionary costs, and operating cash flows. Therefore, the requirements of the Securities and Exchange Organization regarding corporate governance in the capital market have been able to lead to the protection of investors' rights and the improvement of the quality of financial reporting of companies. IntroductionThe issue of corporate governance has been noticed around the world since the beginning of 2000, and almost every country is trying to implement good corporate governance practices in their business companies. Corporate governance is the set of relationships between executive directors, board members, shareholders, and other stakeholders of the company, which determines a structure for formulating the company's goals and ways to achieve them, as well as how to evaluate and monitor performance (OECD, 2004). The goal of corporate governance is to reduce agency problems and costs to maximize shareholder wealth. Previous research has shown that companies with good corporate governance have better financial performance, higher stock liquidity, and lower bankruptcy risk. Corporate governance can reduce the information asymmetry between internal and external organizations and make corporate information more transparent (Nguyen et al., 2024).Considering the regulatory and legal changes and the process of corporate governance in all countries and internationally, today the importance of implementing effective corporate governance has been continuously noticed in the capital markets and companies are obliged to inform the public about their corporate governance measures. In Iran, the corporate governance guidelines were approved in June 2018 by the Board of Directors of the Securities and Exchange Organization in six chapters: definitions, board of directors and CEO, general meetings of shareholders, how to select board members and independent board members, and accountability and disclosure of information. This instruction was notified for the compliance of companies admitted to the Tehran stock exchange and Iran Fara bourse. Also, this instruction was revised in different stages, the last revised version of which is from 2023 (Stock Exchange Organization, 2023). Considering the above and considering the newness of the corporate governance guidelines in the Iranian capital market as well as the importance of the effects of the aforementioned regulations on companies, the main issue of this research is to investigate the effect of the notification of the aforementioned guidelines on the behavior of companies' earnings management.It should be noted that so far, no research has been conducted that has investigated the effect of internal corporate governance regulations on various dimensions of financial reporting quality, and the results of this research can represent the results of the efforts that have been made to formulate corporate governance regulations. In this research, earnings management through accrual management and real earnings management have been considered. Also, to measure real earnings management, real earnings management based on manipulation of production costs, discretionary expenses, and operational cash flows has been used.Based on the above, research hypothesis are:1) Announcement of corporate governance guidelines has a significant negative impact on earnings management based on the manipulation of accruals.2) Announcement of corporate governance guidelines has a significant negative impact on real earnings management based on the manipulation of abnormal production costs.3) Announcement of the corporate governance guidelines has a significant negative impact on the real earnings management based on the manipulation of abnormal discretionary expenses.4) Announcement of corporate governance guidelines has a significant negative impact on real earnings management based on the manipulation of abnormal operating cash flow. Research MethodologyThis research is placed in the category of applied research; Because its basic purpose is to find solutions for existing problems and current conditions. Secondary data is usually used to conduct this type of research. In this research, the researcher describes the nature of the topic in question. Therefore, it is a type of descriptive research. Also, the current research can be considered correlational research; Because it examines the relationship between variables and their explanation. In general, to conduct any research, two types of information are needed: the library part and the experimental part; In this research, to collect library and experimental information, books, magazines and specialized articles, financial statements, explanatory notes, as well as existing information banks, such as Rahvard Novin, Codal and the stock exchange website, were used respectively. The software used to test all the models of this research is the 9th version of EViews.The statistical population of this research is all the companies admitted to the Tehran Stock Exchange during the years 2014 to 2021. The sample was selected from among the companies listed in the Tehran Stock Exchange using some criteria. According to the criteria, among all the companies listed in the Tehran Stock Exchange, 117 companies were considered as the investigated companies in this research. Conclusion and discussionThe results of testing the hypotheses of this research showed that none of the hypotheses examined in this research were rejected and the announcement of corporate governance guidelines affects earnings management (accrual earnings management and real earnings management based on the manipulation of production costs, discretionary expenses, and operating cash flows). It has had a significant negative effect and has led to the reduction of managers' opportunistic manipulations. Based on the result of the first hypothesis, the announcement of the corporate governance guidelines of the Stock Exchange and Securities Organization has led to the reduction of earnings management based on accruals. In the interpretation of this result, it can be said that the requirements contained in the mentioned instructions to strengthen the corporate governance mechanisms at the level of capital market companies have been able to reduce the possible motivation of managers to manipulate earnings by using allowed accounting procedures and through accruals and therefore, it seems that with the help of this guidelines, the capital market supervisory body has been able to reach its final goal, which is to support the stockholders, especially the shareholders. In other words, the recent requirements of corporate governance have succeeded in improving the quality of financial reporting and the quality of companies' earnings, and this promises investors that they can make decisions regarding their investment options in the capital market with more trust and confidence in the financial reports of companies. According to the results of the second to fourth hypotheses of this research, it can be said that the establishment of corporate governance requirements in Iran's capital market has led to a decrease in real earnings management through the manipulation of production costs, discretionary expenses, and operating cash flows. In this regard, as it was stated in some previous research, the establishment of disclosure requirements and regulations and corporate governance has led to the change of earnings management procedures from the management of accruals to the real management of earnings; This is while, based on the results of this research, the implementation of corporate governance mechanisms has had significant negative effects on the real earnings management. Among the reasons for this, it can be mentioned that in the existing corporate governance rules, the subject of transactions with related parties, which is one of the tools used for real earnings management, has been given special attention. Also, in the third chapter of the corporate governance guidelines, the necessary characteristics for the members of the board of directors and the CEO have been described, that they must have the necessary education and experience and have no definite criminal or disciplinary convictions subject to the laws and regulations of the capital market, and it seems that with these requirements, relatively more knowledgeable managers have played a role in the board of directors of companies and have been able to reduce the motivation of executive managers to manipulate the real activities of the company in the direction of real earnings management.According to the results of this research and considering the inhibiting effects of the implementation of corporate governance on the earnings management of companies, it is suggested that supervisory institutions such as the Securities and Exchange Organization as a supervisory institution for companies have more supervision and control over the implementation of corporate governance principles and related regulations; Because the results of this research have shown that establishing these criteria can reduce the opportunistic actions of managers. It is also suggested to provide the conditions for improving the ability and skills of the members of the board of directors by holding continuous training sessions about the implementation of the corporate governance guidelines of the Securities and Exchange Organization. In addition, creditors, shareholders, and investors are suggested to take into account the degree of compliance with the corporate governance guidelines in reviewing the company's situation and making their decisions; Because better compliance with this instruction reduces the possibility of earnings management behavior based on accruals and real earnings management in companies. Based on the results of this research, future researchers are suggested to investigate the effect of the announcement of corporate governance rules on the quality of financial statements and reports as well as the quality of internal control reports of companies. Also, considering the relationship between corporate governance and independent auditors, it is suggested to pay attention to the impact of the notification of the mentioned rules on the audit quality. In addition, a comparative study of the hypotheses of this research by industries is recommended.
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